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Economic data relating to the eurozone is entirely absent this morning, and the continuing survival of Portugal’s government is not sufficiently exciting to provoke much movement.
Lisbon’s bond yields have dropped back slightly after it emerged that the country would not be heading to the polls again. The president has said that he backed the existing coalition, meaning that fresh elections are not required. This heads off one of the potential crises of the summer, given that two weeks ago the government looked on the verge of dissolution.
Eurozone data watchers will have to wait until Wednesday for the real fun to begin, when PMI data from around the region is published. Germany’s services number is forecast to squeak into expansion territory, but everyone else will lag behind. Of particular concern will be France, whose services and manufacturing figures will barely move higher. No Frenchman has won the Tour de France for 28 years, and this is perhaps symbolic of how France is lagging behind its supposed partner Germany. The gap between the two remains stark, and President Hollande has done little to narrow it.